NEM (XEM), which stands for New Economy Movement, is a decentralised cryptocurrency launched in March 2015. Inspired by the Nxt project, it was written from scratch in Java. The most interesting features of the cryptocurrency include its proof-of-importance (POI) algorithm (with the level of importance determined by how many coins a wallet stores and the number of transactions made to and from the wallet), an integrated P2P-secure multi-signature account and encrypted messaging system, and an Eigentrust++ reputation system which evaluates the quality of each client's contribution to maintain the network. NEM uses a client–server model where the NIS (NEM Infrastructure Server) runs independent of the NCC (NEM Community Client); the client is designed to run locally, in a web browser. Original announcement.